Presto Automation Inc. (NASDAQ: PRST), one of the
largest drive-thru AI and automation technology providers to the
restaurant industry, today announced financial results for the 2024
fiscal first quarter ended September 30, 2023. All comparisons are
to the first quarter of the prior fiscal year, unless otherwise
noted.
“Our first quarter results which came in at the midpoint of
guidance, reflect a positive start to our fiscal year and
underscore the substantial opportunities available to us” said
Xavier Casanova, Chief Executive Officer of Presto. “While still in
the early stages, we are experiencing escalating momentum for our
Presto VoiceTM AI solution as customers are recognizing that it
will help them address key challenges within their businesses.”
“As announced last week, we have completed a
capital raise through issuance of common equity to a syndicate of
our long-term investor Remus Capital led by Chairman Krishna Gupta,
indicating the conviction of existing shareholders. We are also
taking the necessary steps to reduce costs, improve profitability,
and streamline our operations. While difficult, these steps are
necessary in order to best position us for the long-term” Mr.
Casanova added.
“We believe that 2024 will mark a definitive step-change in our
growth” Mr. Casanova continued. “The market is fully in “fast
follower” mode. We are ramping up to deploy and execute at scale.
We are witnessing a significant change in the receptiveness to
technology-based solutions, such as our Presto VoiceTM AI solution
by franchise operators across the United States, as they begin to
experience the significant impact of market realities such as the
California $20 minimum wage regulation. We are experiencing
significant interest from franchise operators today who are
interested in talking to us about Voice AI and we expect network
effects to take hold. We look forward to generating widespread
adoption of our Presto VoiceTM AI solution across North America as
brands and franchisees adapt to this new reality.”
Fiscal First Quarter 2024 Financial
Highlights
Our fiscal first quarter of 2024 was in line
with guidance provided on our last earnings call:
- Total revenue was
$4.9 million (guidance was $4.8-$5.0 million)
- Net Income was
$5.4 million
- Adjusted EBITDA*
was a loss of $(8.8) million
*Adjusted EBITDA is a non-GAAP financial measure
defined under “Non-GAAP Financial Measures,” and is reconciled to
net income, the closest comparable GAAP measure, at the end of this
release.
Recent Business Highlights
-
Presto Voice™ is now installed in over 400 locations across North
America, as the rate of deployment materially increases. In the
quarter to date, Presto has deployed one new location every
business day.
-
In the current fiscal quarter (Q2), Presto has signed four new
franchisees with a total of 365 locations when fully expanded and
one major corporate pilot with over 2,000 global locations where
Presto is the exclusive vendor. This progress indicates the size of
the revenue opportunity within existing customers.
-
Last week, Presto announced it had raised approximately $7,000,000
through issuance of common equity to a syndicate of a long-term
investor led by Chairman Krishna Gupta, indicating the conviction
of existing shareholders.
-
Alongside this financing, Presto has also added two additional
board members appointed by Remus, both from technology operations
backgrounds at companies like Meta (formerly Facebook) and Uber.
Majority of the board is represented by investor shareholders.
-
Last week, Presto took further steps to reduce costs, enhance
operating efficiencies and improve profitability by implementing a
reduction in force of its global full-time employee base by
approximately 17%.
Financial Outlook Update
Presto expects total revenue for the fiscal
second quarter of 2024 to be in the range of $4.8 million to $5.0
million.
Presto
Automation, Inc. Fiscal First Quarter 2024 Conference Call
DetailsDate: Monday, November 20, 2023Time: 5:00 p.m. ET /
2:00 p.m. PTLink: You can register for the conference call at
https://investor.presto.com/news-events/events |
A live audio webcast of the event will be available on the
Presto Investor Relations website, https://investor.presto.com/. An
archived replay of the webcast also will be available shortly after
the live event on the Presto Investor Relations website.
About Presto Automation Inc.
Presto (NASDAQ: PRST) provides enterprise-grade AI and
automation solutions to the restaurant industry. Our solutions are
designed to decrease labor costs, improve staff productivity,
increase revenue, and enhance the guest experience. We offer our AI
solution, Presto VoiceTM, to quick service restaurants (QSR) and
our pay-at-table tablet solution, Presto Touch, to casual dining
chains. Some of the most recognized restaurant names in the United
States are among our customers, including Carl’s Jr., Hardee’s, and
Checkers for Presto VoiceTM and Applebee’s, Chili’s, and Red
Lobster for Presto Touch.
Non-GAAP Financial Measures and
Performance Measures
This press release includes Adjusted EBITDA,
which is a financial measure that is not calculated in accordance
with Generally Accepted Accounting Principles (“GAAP”) in the
United States. We believe Adjusted EBITDA is useful for comparing
our financial performance to other companies and from period to
period by excluding the impact of certain items that do not reflect
our core operating performance, thereby providing consistency and
direct comparability with our past financial performance and
between fiscal periods. Adjusted EBITDA is defined as net income,
adjusted to exclude interest expense, other income, net, loss on
debt extinguishment and financial obligations, income taxes,
depreciation and amortization expense, stock-based compensation
expense, fair value adjustments on warrant liabilities and
convertible promissory notes and merger-related ancillary costs. We
include this non-GAAP measure because it is used by management to
evaluate our core operating performance and trends and to make
strategic decisions regarding the allocation of capital and new
investments. A reconciliation of Adjusted EBITDA to its most
comparable GAAP financial measure is included below under
“Reconciliation from GAAP to Non-GAAP Results” at the end of this
release.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Statements that refer to projections, forecasts, or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements.
Forward-looking statements are typically identified by words such
as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,”
“estimate,” “forecast,” “project,” “continue,” “could,” “may,”
“might,” “possible,” “potential,” “predict,” “should,” “would” and
other similar words and expressions, but the absence of these words
does not mean that a statement is not forward-looking.
The forward-looking statements are based on
management’s current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events. The forward-looking statements
speak only as of the date of this press release or as of the date
they are made. Except as otherwise required by applicable law,
Presto disclaims any duty to update any forward-looking statements,
all of which are expressly qualified by the statements in this
section, to reflect events or circumstances after the date of this
press release. Presto cautions you that these forward-looking
statements are subject to numerous risks and uncertainties, most of
which are difficult to predict and many of which are beyond the
control of Presto. In addition, Presto cautions you that the
forward-looking statements contained in this press release are
subject to the following risks and uncertainties: Presto’s limited
operating history in a new and developing market makes it difficult
to evaluate its current business and predict its future results;
Presto’s success depends on increasing the number of franchisees of
our existing restaurant customers that use its solution, and, in
particular, Presto Voice, and the timing of the deployments of
contracted locations; Presto has historically generated a
significant portion of its revenue from its three largest
customers, and the loss or decline in revenue from any of these
customers could harm its business, results of operations, and
financial condition; We are evaluating strategic alternatives of
our Presto Touch and considering whether to engage in a sale,
partial sale or wind-down of the Presto Touch business in the
coming months and we may be unable to realize the benefits we
expect from doing so; Presto’s sales cycles can be long and
unpredictable, and its sales efforts require a considerable
investment of time and expense; Presto may be adversely affected if
it is unable to optimize the number of human agents required to
operate its Presto Voice solution to improve its unit cost
structure; Changes in Presto’s senior management team have impacted
its organization’s focus and it is dependent on the continued
services and performance of its current senior management team;
Presto’s ability to recruit, retain, and develop qualified
personnel is critical to its success and growth; Defects, errors or
vulnerabilities in third party technology that is used in Presto’s
solutions could harm its reputation and brand and adversely impact
its business, financial condition, and results of operations;
Presto’s pricing decisions and pricing models may adversely affect
its ability to attract new customers and retain existing customers;
If Presto fails to maintain a consistently high level of customer
service or fails to manage its reputation, brand, business and
financial results may be harmed; Changes to Presto’s AI solutions
could cause it to incur additional expenses and impact its product
development program; Presto is subject to legal proceedings and
government investigations which are costly and time-consuming to
defend and may adversely affect its business, financial position,
and results of operations; Presto and certain of its third-party
partners, service providers, and sub processors transmit and store
personal information of its customers and their consumers. If the
security of this information is compromised, Presto’s reputation
may be harmed, and it may be exposed to liability and loss of
business; Presto is subject to stringent and changing privacy laws,
regulations and standards, and contractual obligations related to
data privacy and security, and noncompliance with such laws could
adversely affect its business; Security breaches, denial of service
attacks, or other hacking and phishing attacks on Presto’s systems
or the systems with which Presto’s solutions integrate could harm
its reputation or subject Presto to significant liability, and
adversely affect its business and financial results; Presto is
dependent upon its customers continued and unimpeded access to the
internet, and upon their willingness to use the internet for
commerce; Presto’s current liquidity resources raise substantial
doubt about its ability to continue as a going concern and to
comply with its debt covenants unless it raises additional capital
to meet its obligations in the near term; Presto’s efforts to
generate revenues and/or reduce expenditures may not be sufficient
and may make it difficult for Presto to implement its business
strategy; Presto has faced challenges complying with the covenants
contained in its credit facility and, unless it can raise
additional capital, it may need additional waivers which may not be
forthcoming; Presto requires additional capital, which additional
financing is likely to result in restrictions on its operations or
substantial dilution to its stockholders, to support the growth of
its business, and this capital might not be available on acceptable
terms, if at all; Unfavorable conditions in the restaurant industry
or the global economy could limit Presto’s ability to grow its
business and materially impact its financial performance; Presto’s
results of operations may fluctuate from quarter to quarter and if
it fails to meet the expectations of securities analysts or
investors with respect to results of operations, its stock price
and the value of your investment could decline; Presto’s ability to
use its net operating loss carryforwards and certain other tax
attributes may be limited; Recent turmoil in the banking industry
may negatively impact Presto’s ability to acquire financing on
acceptable terms if at all, and worsening conditions or additional
bank failures could result in a loss of deposits over federally
insured levels; The restaurant technology industry is highly
competitive. Presto may not be able to compete successfully against
current and future competitors; Mergers of or other strategic
transactions by Presto’s competitors, its customers, or its
partners could weaken its competitive position or reduce its
revenue; Presto’s growth depends in part on reliance on third
parties and its ability to integrate with third-party applications
and software; Presto’s transaction revenue is partly dependent on
its partners to develop and update third-party entertainment
applications. The decisions of developers to remove their
applications or change the terms of our commercial relationship
could adversely impact Presto’s transaction revenue; Payment
transactions processed on Presto’s solutions may subject Presto to
regulatory requirements and the rules of payment card networks, and
other risks that could be costly and difficult to comply with or
that could harm its business; Presto relies upon Amazon Web
Services, Microsoft Azure and other infrastructure to operate its
platform, and any disruption of or interference with its use of
these providers would adversely affect its business, results of
operations, and financial condition; Certain estimates and
information contained in this report are based on information from
third-party sources, and Presto does not independently verify the
accuracy or completeness of the data contained in such sources or
the methodologies for collecting such data; Presto’s business is
subject to a variety of U.S. laws and regulations, many of which
are unsettled and still developing, and Presto or its customers’
failure to comply with such laws and regulations could subject
Presto to claims or otherwise adversely affect its business,
financial condition, or results of operations; Significant changes
in U.S. and international trade policies that restrict imports or
increase tariffs could have a material adverse effect on Presto’s
results of operations; If Presto fails to adequately protect its
intellectual property rights, its competitive position could be
impaired and it may lose valuable assets, generate reduced revenue
and become subject to costly litigation to protect its rights;
Presto has been, and may in the future be, subject to claims by
third parties of intellectual property infringement, which, if
successful could negatively impact operations and significantly
increase costs; Presto uses open-source software in its platform,
which could negatively affect its ability to sell its services or
subject it to litigation or other actions; Presto may be unable to
continue to use the domain names that it uses in its business or
prevent third parties from acquiring and using domain names that
infringe on, are similar to, or otherwise decrease the value of its
brand, trademarks, or service marks; Presto’s senior management
team has limited experience managing a public company, and
regulatory compliance obligations may divert its attention from the
day-to-day management of its business; As a public reporting
company, Presto is subject to filing deadlines for reports that are
filed pursuant to the Exchange Act, and its failure to timely file
such reports may have material adverse consequences on its
business; As a public reporting company, Presto is subject to rules
and regulations established from time to time by the SEC regarding
its internal control over financial reporting. If Presto fails to
establish and maintain effective internal control over financial
reporting and disclosure controls and procedures, it may not be
able to accurately report its financial results or report them in a
timely manner; Presto has identified material weaknesses in its
internal controls over financial reporting and, if it fails to
remediate these deficiencies, it may not be able to accurately or
timely report its financial condition or results of operations;
Presto is an emerging growth company, and it cannot be certain if
the reduced disclosure requirements applicable to emerging growth
companies will make its Common Stock less attractive to investors;
Presto has and will continue to incur significant costs as a result
of operating as a public company; Provisions in Presto’s Charter
and Bylaws may discourage, delay or prevent a merger, acquisition
or other change in control in Presto’s company that stockholders
may consider favorable, including transactions in which you might
otherwise receive a premium for your shares; Presto’s Charter
provides that the Court of Chancery of the State of Delaware and
the federal district courts of the United States of America are the
exclusive forums for substantially all disputes between it and our
stockholders, which could limit its stockholders’ ability to obtain
a favorable judicial forum for disputes with Presto or its
directors, officers, or employees; A market for Presto’s securities
may not continue, which would adversely affect the liquidity and
price of its securities; Nasdaq may delist Presto’s securities from
trading on its exchange, which could limit investors’ ability to
make transactions in its securities and subject Presto to
additional trading restrictions; Future offerings of debt or
offerings or issuances of equity securities by Presto may adversely
affect the market price of Presto’s Common Stock or otherwise
dilute all other stockholders; If securities or industry analysts
do not publish or cease publishing research or reports about
Presto, its business, or its market, or if they change their
recommendations regarding Presto’s securities adversely, the price
and trading volume of Presto’s securities could decline; Presto may
be subject to securities litigation, which is expensive and could
divert management’s attention.
ContactInvestors:Guillaume LefevrePresto
Investor Relationsinvestor@presto.com
Media:Brian Rubymedia@presto.com
PRESTO AUTOMATION
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)(unaudited)(in thousands,
except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
Revenue |
|
|
|
|
|
|
|
Platform |
|
$ |
2,066 |
|
|
$ |
4,820 |
|
|
Transaction |
|
|
2,819 |
|
|
|
2,959 |
|
|
Total revenue |
|
|
4,885 |
|
|
|
7,779 |
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
|
|
|
|
|
Platform |
|
|
1,196 |
|
|
|
4,292 |
|
|
Transaction |
|
|
2,521 |
|
|
|
2,644 |
|
|
Depreciation and amortization |
|
|
965 |
|
|
|
291 |
|
|
Total cost of revenue |
|
|
4,682 |
|
|
|
7,227 |
|
|
Gross profit |
|
|
203 |
|
|
|
552 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development (1) |
|
|
4,484 |
|
|
|
6,388 |
|
|
Sales and marketing (1) |
|
|
1,914 |
|
|
|
2,399 |
|
|
General and administrative (1) |
|
|
7,070 |
|
|
|
5,924 |
|
|
Total operating expenses |
|
|
13,468 |
|
|
|
14,711 |
|
|
Loss from operations |
|
|
(13,265 |
) |
|
|
(14,159 |
) |
|
Change in fair value of
warrants and convertible promissory notes |
|
|
21,025 |
|
|
|
59,822 |
|
|
Interest expense |
|
|
(3,758 |
) |
|
|
(3,376 |
) |
|
Loss on extinguishment of debt
and financing obligations |
|
|
— |
|
|
|
(7,758 |
) |
|
Other financing and financial
instrument income (costs), net |
|
|
1,284 |
|
|
|
(1,768 |
) |
|
Other income, net |
|
|
82 |
|
|
|
2,028 |
|
|
Total other income, net |
|
|
18,633 |
|
|
|
48,948 |
|
|
Income before provision
(benefit) for income taxes |
|
|
5,368 |
|
|
|
34,789 |
|
|
Provision (benefit) for income
taxes |
|
|
(4 |
) |
|
|
— |
|
|
Net income and comprehensive
income |
|
$ |
5,372 |
|
|
$ |
34,789 |
|
|
Net income per share
attributable to common stockholders, basic |
|
$ |
0.09 |
|
|
$ |
1.18 |
|
|
Net income per share
attributable to common stockholders, diluted |
|
$ |
0.08 |
|
|
$ |
0.86 |
|
|
Weighted-average shares used
in computing net income per share attributable to common
stockholders, basic |
|
|
57,842,571 |
|
|
|
29,521,505 |
|
|
Weighted-average shares used
in computing net income per share attributable to common
stockholders, diluted |
|
|
69,148,971 |
|
|
|
40,366,902 |
|
|
(1) Includes stock-based compensation expense as
follows (in thousands)
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
|
|
2023 |
|
2022 |
|
Research and development |
|
$ |
1,508 |
|
$ |
183 |
|
Sales and marketing |
|
|
320 |
|
|
113 |
|
General and
administrative |
|
|
1,626 |
|
|
2,057 |
|
Total* |
|
$ |
3,454 |
|
$ |
2,353 |
|
*For the three months ended September 30, 2023, and September
30, 2022, such amount reflects $1,353 and $178, respectively, of
stock-based compensation expense related to earn out shares
attributable to option and RSU holders.
PRESTO AUTOMATION
INC.CONDENSED CONSOLIDATED BALANCE
SHEET(unaudited)(in thousands,
except share amounts)
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
|
|
September 30, |
|
June 30, |
|
|
|
2023 |
|
|
2023 |
|
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,285 |
|
|
$ |
15,143 |
|
|
Restricted cash |
|
|
10,000 |
|
|
|
10,000 |
|
|
Accounts receivable, net of allowance of $744 and $746,
respectively |
|
|
1,841 |
|
|
|
1,831 |
|
|
Inventories |
|
|
520 |
|
|
|
629 |
|
|
Deferred costs, current |
|
|
1,852 |
|
|
|
2,301 |
|
|
Prepaid expenses and other current assets |
|
|
659 |
|
|
|
1,162 |
|
|
Total current assets |
|
|
18,157 |
|
|
|
31,066 |
|
|
Deferred costs, net of current
portion |
|
|
160 |
|
|
|
92 |
|
|
Investment in
non-affiliate |
|
|
2,000 |
|
|
|
2,000 |
|
|
Property and equipment,
net |
|
|
632 |
|
|
|
909 |
|
|
Intangible assets, net |
|
|
11,202 |
|
|
|
10,528 |
|
|
Goodwill |
|
|
1,156 |
|
|
|
1,156 |
|
|
Other long-term assets |
|
|
833 |
|
|
|
936 |
|
|
Total assets |
|
$ |
34,140 |
|
|
$ |
46,687 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Deficit |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,951 |
|
|
$ |
3,295 |
|
|
Accrued liabilities |
|
|
4,880 |
|
|
|
4,319 |
|
|
Financing obligations, current |
|
|
2,360 |
|
|
|
1,676 |
|
|
Term loans, current |
|
|
53,088 |
|
|
|
50,639 |
|
|
Deferred revenue, current |
|
|
1,191 |
|
|
|
1,284 |
|
|
Total current liabilities |
|
|
63,470 |
|
|
|
61,213 |
|
|
Financing obligations, net of
current |
|
|
1,500 |
|
|
|
3,000 |
|
|
Warrant liabilities |
|
|
4,842 |
|
|
|
25,867 |
|
|
Deferred revenue, net of
current portion |
|
|
217 |
|
|
|
299 |
|
|
Other long-term
liabilities |
|
|
184 |
|
|
|
1,535 |
|
|
Total liabilities |
|
|
70,213 |
|
|
|
91,914 |
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
Stockholders’ deficit: |
|
|
|
|
|
|
|
Preferred stock, $0.0001 par
value–1,500,000 shares authorized as of
September 30, 2023 and June 30, 2023,
respectively; no shares issued and outstanding as of
September 30, 2023 and June 30, 2023
respectively |
|
|
— |
|
|
|
— |
|
|
Common stock, $0.0001 par
value–180,000,000 shares authorized as of
September 30, 2023 and June 30, 2023, and
57,855,594 and 57,180,531 shares issued and outstanding as of
September 30, 2023 and June 30, 2023,
respectively |
|
|
6 |
|
|
|
5 |
|
|
Additional paid-in
capital |
|
|
193,812 |
|
|
|
190,031 |
|
|
Accumulated deficit |
|
|
(229,891 |
) |
|
|
(235,263 |
) |
|
Total stockholders’ deficit |
|
|
(36,073 |
) |
|
|
(45,227 |
) |
|
Total liabilities and
stockholders’ deficit |
|
$ |
34,140 |
|
|
$ |
46,687 |
|
|
PRESTO AUTOMATION
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(unaudited)(in
thousands)
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
Cash Flows from
Operating Activities |
|
|
|
|
|
|
|
Net income |
|
$ |
5,372 |
|
|
$ |
34,789 |
|
|
Adjustments to reconcile net
(loss) income to net cash used in operating activities: |
|
|
|
|
|
|
|
Depreciation, amortization and impairment |
|
|
1,012 |
|
|
|
462 |
|
|
Stock-based compensation |
|
|
2,101 |
|
|
|
2,175 |
|
|
Earnout share stock-based compensation |
|
|
1,353 |
|
|
|
178 |
|
|
Contra-revenue associated with warrant agreement |
|
|
133 |
|
|
|
— |
|
|
Noncash expense attributable to fair value liabilities assumed in
Merger |
|
|
— |
|
|
|
34 |
|
|
Change in fair value of liability classified warrants |
|
|
(21,025 |
) |
|
|
(11,551 |
) |
|
Change in fair value of embedded warrants and convertible
promissory notes |
|
|
— |
|
|
|
(48,271 |
) |
|
Amortization of debt discount and debt issuance costs |
|
|
1,283 |
|
|
|
1,371 |
|
|
Loss on extinguishment of debt and financing obligations |
|
|
— |
|
|
|
7,758 |
|
|
Paid-in-kind interest expense |
|
|
1,166 |
|
|
|
281 |
|
|
Share and warrant cost on termination of convertible note
agreement |
|
|
— |
|
|
|
2,412 |
|
|
Forgiveness of PPP Loan |
|
|
— |
|
|
|
(2,000 |
) |
|
Change in fair value of unvested sponsor shares liability |
|
|
(1,284 |
) |
|
|
(1,175 |
) |
|
Noncash lease expense |
|
|
82 |
|
|
|
76 |
|
|
Loss on disposal off property and equipment |
|
|
— |
|
|
|
14 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(10 |
) |
|
|
(545 |
) |
|
Inventories |
|
|
109 |
|
|
|
385 |
|
|
Deferred costs |
|
|
192 |
|
|
|
3,466 |
|
|
Prepaid expenses and other current assets |
|
|
522 |
|
|
|
260 |
|
|
Accounts payable |
|
|
(1,911 |
) |
|
|
1,678 |
|
|
Vendor financing facility |
|
|
— |
|
|
|
— |
|
|
Accrued liabilities |
|
|
621 |
|
|
|
477 |
|
|
Deferred revenue |
|
|
(175 |
) |
|
|
(3,430 |
) |
|
Other long-term liabilities |
|
|
(66 |
) |
|
|
— |
|
|
Net cash used in operating activities |
|
|
(10,525 |
) |
|
|
(11,156 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities |
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(56 |
) |
|
|
(47 |
) |
|
Payments relating to capitalized software |
|
|
(1,225 |
) |
|
|
(1,327 |
) |
|
Net cash used in investing activities |
|
|
(1,281 |
) |
|
|
(1,374 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities |
|
|
|
|
|
|
|
Proceeds from the exercise of common stock options |
|
|
195 |
|
|
|
36 |
|
|
Proceeds from the issuance of term loans |
|
|
— |
|
|
|
60,250 |
|
|
Payment of debt issuance costs |
|
|
— |
|
|
|
(1,094 |
) |
|
Repayment of term loans |
|
|
— |
|
|
|
(32,980 |
) |
|
Payment of penalties and other costs on extinguishment of debt |
|
|
— |
|
|
|
(5,734 |
) |
|
Principal payments of financing obligations |
|
|
(247 |
) |
|
|
(886 |
) |
|
Proceeds from the issuance of common stock |
|
|
— |
|
|
|
1,000 |
|
|
Contributions from Merger and PIPE financing, net of transaction
costs and other payments |
|
|
— |
|
|
|
49,840 |
|
|
Payments of deferred transaction costs |
|
|
— |
|
|
|
(1,670 |
) |
|
Net cash provided by (used in) financing
activities |
|
|
(52 |
) |
|
|
68,762 |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
|
(11,858 |
) |
|
|
56,232 |
|
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
|
25,143 |
|
|
|
3,017 |
|
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
13,285 |
|
|
$ |
59,249 |
|
|
Reconciliation of cash, cash
equivalents and restricted cash: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
3,285 |
|
|
|
15,143 |
|
|
Restricted cash |
|
|
10,000 |
|
|
|
10,000 |
|
|
Total cash, cash equivalents
and restricted cash |
|
$ |
13,285 |
|
|
$ |
25,143 |
|
|
|
|
|
|
|
|
|
|
Supplemental
Disclosure of Non-Cash Investing and Financing
Activities |
|
|
|
|
|
|
|
Capitalization of stock-based
compensation expense to capitalized software |
|
$ |
128 |
|
|
$ |
221 |
|
|
Capital contribution from
shareholder in conjunction with Credit Agreement |
|
|
— |
|
|
|
2,779 |
|
|
Issuance of warrants in
conjunction with Credit Agreement |
|
|
— |
|
|
|
2,076 |
|
|
Issuance of warrants in
conjunction with Lago Term Loan |
|
|
— |
|
|
|
843 |
|
|
Convertible note conversion to
common stock |
|
|
— |
|
|
|
41,392 |
|
|
Reclassification of warrants
from liabilities to equity |
|
|
— |
|
|
|
830 |
|
|
Recognition of liability
classified warrants upon Merger |
|
|
— |
|
|
|
9,388 |
|
|
Recognition of Unvested
Sponsor Shares liability |
|
|
— |
|
|
|
1,588 |
|
|
Forgiveness of PPP Loan |
|
|
— |
|
|
|
(2,000 |
) |
|
Transaction costs recorded in
accounts payable and accrued liabilities |
|
|
|
|
|
220 |
|
|
Right of use asset in exchange
for operating lease liability |
|
|
— |
|
|
|
308 |
|
|
PRESTO AUTOMATION
INC.RECONCILIATION FROM GAAP TO NON-GAAP
RESULTS(unaudited)
|
|
Three months ended September 30, |
|
(in thousands) |
|
2023 |
|
|
2022 |
|
|
Net income |
|
$ |
5,372 |
|
|
$ |
34,789 |
|
|
Interest expense |
|
|
3,758 |
|
|
|
3,376 |
|
|
Other income, net |
|
|
(82 |
) |
|
|
(2,028 |
) |
|
Provision (benefit) for income
taxes |
|
|
(4 |
) |
|
|
- |
|
|
Depreciation and
amortization |
|
|
1,011 |
|
|
|
433 |
|
|
Stock-based compensation
expense |
|
|
2,101 |
|
|
|
2,175 |
|
|
Earnout stock-based
compensation expense |
|
|
1,353 |
|
|
|
178 |
|
|
Change in fair value of
warrants and convertible promissory notes |
|
|
(21,025 |
) |
|
|
(59,822 |
) |
|
Loss on extinguishment of debt
and financial obligations |
|
|
— |
|
|
|
7,758 |
|
|
Other financing and financial
instrument expenses, net |
|
|
(1,284 |
) |
|
|
1,768 |
|
|
Deferred compensation and
bonuses earned upon closing of the Merger |
|
|
— |
|
|
|
2,232 |
|
|
Public relations fee due upon
closing of the Merger |
|
|
— |
|
|
|
250 |
|
|
Adjusted EBITDA |
|
$ |
(8,800 |
) |
|
$ |
(8,891 |
) |
|
Presto Technologies (NASDAQ:PRST)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Presto Technologies (NASDAQ:PRST)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024